In case the Elliot group entities are related, as Sebi suspects, it is a clear violation of the FII rule that prohibits a single foreign portfolio investor or an investor group from owning more than 10 percent stake in a company

This is a good time for the Finance Ministry and the Sebi to lay a roadmap to phase out PNs, which right now appears to be serving tax evaders and shady promoters better than foreign investors looking to make a quick buck in India

In case the Elliot group entities are related, as Sebi suspects, it is a clear violation of the FII rule that prohibits a single foreign portfolio investor or an investor group from owning more than 10 percent stake in a company

This is a good time for the Finance Ministry and the Sebi to lay a roadmap to phase out PNs, which right now appears to be serving tax evaders and shady promoters better than foreign investors looking to make a quick buck in India